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velecico
3991 Posts |
 Posted - 05/20/2008 : 7:54:45 PM
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Can you be a branch manager and a DE underwritter thus approving your own loan officer deals ? |
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mantixmortgage
2717 Posts |
Posted - 05/20/2008 : 8:10:45 PM
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| i donno but if you approve it, you also take the fall, right? |
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velecico
3991 Posts |
Posted - 05/21/2008 : 06:39:36 AM
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Of course , and so can if you hire an underwritter , but if you already a DE and cant get a job , becoming a broker or net branch manager with the abitlity to approve your own files would give you a great ability over others , most stuff is DU DO anyway , all you are doing is verification of what was run on the AU engines , even underwritting the appraisal is not an issue since 90% of them will get reviewed anyway |
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1003s.com
3367 Posts |
Posted - 05/21/2008 : 08:24:13 AM
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Nick,
like many other things the devil is in the details.
I closed files on the bankers side in the past, with no underwriter
reviewing them at all, before the days of DU DO or credit scores.
And I never had a problem getting one of those loans purchased.
I am sure their are many people in banker operations, doing much the
same thing today, that I did, many years ago.
That type of thing, could work well with a small branch company.
However, I doubt it would work well at a large branch company.
And frankly, could turn into a huge nightmare
at either a small or large branch company.
It really would need to be confined to LO's,
that do very good quality business.
And the manager/ underwriter would need to be very conservative.
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RodneyLO
825 Posts |
Posted - 05/21/2008 : 08:51:54 AM
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| It is illegal for a DE UW to have any other job in the mortgage industry. They cannot process, originate, or even UW conventional files. |
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velecico
3991 Posts |
Posted - 05/21/2008 : 4:13:32 PM
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You are not correct Rodney |
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1stintegritymort
1298 Posts |
Posted - 05/21/2008 : 4:40:20 PM
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| does it really matter if rodney is right or wrong? are you really going to take off work to take classes and pass your test? how are you going to manage your office and UW files? that sounds kinda ridiculous. everyone wont complain about making extra money, but instead of devoting all that extra time to be a DE, you would be much better off trying to get business. you could always hire a contract DE Underwriter for your office so you can do your job and they can do theirs. if your branch is not closing that many loans and you are just trying to find ways to make extra money, you probably would be better off being a full time DE and get a nice salary. if not, then you are just wasting your time. |
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velecico
3991 Posts |
Posted - 05/21/2008 : 4:52:21 PM
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who said I was talking about myself ? |
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RodneyLO
825 Posts |
Posted - 05/21/2008 : 5:13:33 PM
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quote:
Originally posted by velecico
You are not correct Rodney
I'll look it up tomorrow, Nick. Prove me wrong. 
I would like to see your reference. |
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velecico
3991 Posts |
Posted - 05/21/2008 : 7:21:59 PM
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| I dont have too , I know people doing it , one is a net branch manager and also a DE , when he has a loan thats on the fence he will approve it himself , the other is a banker/owner , he is also a DE , when his underwritters are backed up or go on vacations he steps in and signs off on stips and clears files to close |
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isitfree
771 Posts |
Posted - 05/21/2008 : 8:16:42 PM
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Employees who perform underwriting and loan servicing activities may not receive commissions.
Directive Number: 4060.1, REV-2 August 14, 2006
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velecico
3991 Posts |
Posted - 05/22/2008 : 8:16:52 PM
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quote:
Originally posted by isitfree
Employees who perform underwriting and loan servicing activities may not receive commissions.
Directive Number: 4060.1, REV-2 August 14, 2006
correct , but they can get bonuses |
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